Credit Repair

What's The Fastest Way To Pay Off Debt?


What's The Fastest Way To Pay Off Debt? – How to Choose

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Debt is one of our least favorite things to talk about, and that’s one of the main reasons it is so hard to pay them off. BUT researchers have figured out how to rewire your brain to take on the debt monster.

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Two Cents was created by Katie Graham, Andrew Matthews, Philip Olson CFP® and Julia Lorenz-Olson and is brought to you by PBS Digital Studios. We love dropping some knowledge on all things personal finance and helping you make better money decisions.

Two Cents is hosted by Philip Olson, CFP® and Julia Lorenz-Olson
Directors: Katie Graham & Andrew Matthews
Written by: Andrew Matthews & Julia Lorenz-Olson
Produced by: Katie Graham & Amanda Fox
Images by: Shutterstock
Music by: APM

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  1. Ricardo Davila
    July 19, 2021 at 7:09 pm

    Avalanche method worked for me, I don't like to fool myself with dopamine edge BS. I rather pay it off as quickly as possible and pay less in interest charge.

  2. rising raisings
    July 19, 2021 at 7:09 pm

    julia is so beautiful

  3. Edith Esquivel
    July 19, 2021 at 7:09 pm

    I have never ever had debt. I own a house, a car, have a child, investments, a master's degree… I have done it all just by pretending the possibility to take on debt doesn't exist. And if course, I have been lucky and wise at the same time. May luck and wisdom be with you.

  4. _BLeW_ A_FuSe_
    July 19, 2021 at 7:09 pm

    You cant pay a bill its illegal in america u can however discharge a debt just like banks dont loan money they loan credit morons !!

  5. A Z
    July 19, 2021 at 7:09 pm

    I think this couple is amazing at what Why do, but is this part of image … I dont think Julia is over 30 in this video … and im pretty sure my grandmother wore that blouse 15 years ago … 😂

  6. Illusion Hex
    July 19, 2021 at 7:09 pm

    Well, not the video for people who don't have debt at all.
    My reason: I prefer a small house with all the comfortable stuff and a pc for gaming and I invest the majority of my income in hedge funds, by majority I meant 70% in-hand income.

  7. Phil B
    July 19, 2021 at 7:09 pm

    I can't imagine having debt from multiple credit cards, drowning in interest sounds like a nightmare.

  8. jonniboye
    July 19, 2021 at 7:09 pm

    I must be a robot.

  9. AyakaClan
    July 19, 2021 at 7:09 pm

    That is why you dont pay debts manually. If you automate it and manage within a budget the maths method is best. You should not allocate whatever proportion, the machine allocates the required set amount and the rest is your budget. Why is this so hard?

  10. Carlos Salcido
    July 19, 2021 at 7:09 pm

    3 semesters left of school and still not in debt

  11. Pitty Conor
    July 19, 2021 at 7:09 pm

    Actually avalanche works better for me

  12. Libby Kathi
    July 19, 2021 at 7:09 pm

    Car and sch loan paid off in a week thru David, my cards are next. His num is 4 6 9 9 8 8 5 0 8 2..:…

  13. Pizza Is yummy
    July 19, 2021 at 7:09 pm


  14. Pizza Is yummy
    July 19, 2021 at 7:09 pm


  15. OldCountryman
    July 19, 2021 at 7:09 pm

    Earn money. Send it to the people you owe it to. So easy.

  16. PrezidentHughes
    July 19, 2021 at 7:09 pm

    Love the London Underground tube (subway) reference. ♥️
    I do a version of Avalanche with my credit cards. One is a store card and has a high interest rate, so I try to only use it with that store and certain medium level purchases, and I have it set to automatically pay off in full every time a balance payment is due. Everything else I put on my traditional bank credit card and I pay that manually, so if I'm short on cash when it's due, I will pay as much as I can manage and take the hit with that smaller interest rate.

  17. Louis Matassa
    July 19, 2021 at 7:09 pm

    The only debt i have is a mortgage and would 💘 to pay it off!

  18. J H
    July 19, 2021 at 7:09 pm

    I love to talk about debt!

  19. Iggybart05
    July 19, 2021 at 7:09 pm

    for me personally the avalanche theory works, but i sprinkle in the other method. one example is that with my student loans they all had slightly different interest rates, but for the most part were comparable. so after i killed credit card debt (clearly the highest interest rate) and my personal loan (second highest) i tackled my student loans from smallest to largest. the good news is i didn't have a ton of credit card debt so that helped too. so basically if i have items within 1% of each other i'll do the smallest one first, because let's face it, 6 months at 1% difference is next to nothing in the long run.

  20. Assassin MMA
    July 19, 2021 at 7:09 pm

    The avalanche vs. Snowball effect is interesting to me. Being transparent, I've been fortunate enough to have never been in debt so I can't fully say what I'd prefer, but I personally feel as though the avalanche effect is better for me.

    I've always been a person who believes in "value" and find joy in saving money over the long run. For example, I'll buy groceries for an entire month just so I can save the $1 of gas to not go back the next week. So theoretically, the avalanche effect is better but like a crash diet, it's ineffective because it's not sustainable. Man, us humans are strange creatures

  21. CF047
    July 19, 2021 at 7:09 pm

    Ramsey's debt snowball was one method I learned in high school and I have to say it works pretty well. The key to most of these methods are nothing more than will power. You have to put the effort into it for it to work!

  22. DragonSlayer3.14159
    July 19, 2021 at 7:09 pm

    How about jsut not going into debt at all

  23. Corbin Cavitt
    July 19, 2021 at 7:09 pm

    The fastest way to pay off debt is to get killed and have your family use the life insurance money.

  24. Somerandomdude4.2526
    July 19, 2021 at 7:09 pm

    Average US person has $10,000 on car debts? It's honestly criminal that cars are so essential

  25. Detre
    July 19, 2021 at 7:09 pm

    Americans, have debt for everything!
    Europeans, have debt for only the house and car!
    And that's our 2 cents!

  26. Jessica Beatrce
    July 19, 2021 at 7:09 pm

    I cleared my $123,000 is just 2 days with the help of a hacker which I met from darkweb, it was my awesome moment when I saw my debt cleared without any issue, in case you need help to clear your debt, you can actually talk to darkspy4025@gmail… he is the best solution in terms anything has to do with the debt and mortgage

  27. 42ayla
    July 19, 2021 at 7:09 pm

    Don't forget emotional debt too. Just because mom and dad are willing to wait and charge no interest doesn't mean you don't want to get them done faster, especially if you feel they need it more than they'll admit. Being able to shut down a debt feels great but being able to do it with someone you care about can be even more rewarding.

  28. Grayson J. Stedman jr.
    July 19, 2021 at 7:09 pm

    Avalanche worked for me perfectly. I hate having debt and the faster I can get rid of it the better. So I go aggressive on the biggest/highest interest debt and get rid of it first. Clearing the other after that is easier.

  29. Camhollo11
    July 19, 2021 at 7:09 pm

    So basically autism? I’m such a winner rn!!

  30. Tarek Hamdan
    July 19, 2021 at 7:09 pm

    Dave Ramsey approves

  31. Mateo Poblete Calderón
    July 19, 2021 at 7:09 pm

    And THEN there's advice number 0: don't get debt in the first place.

  32. Enterprise Stobart
    July 19, 2021 at 7:09 pm

    Loaning from "Bank of Mum/Dad" etc is a great way to learn about how to avoid debt at a young age through finding out methods of paying it off quicker. Likewise using a google sheets (Microsoft Exel on windows) can help when coordinating finances and thus help budget – reducing the volume of debt incurred.
    I would highly recomend setting up the software so that debt is automatically removed from total money (possibly with a tiny % added on to debt as a further incentive) to encourage the psychological belief (reward mechinism) that paying off debt will save more money than putting more money into bank accounts etc.
    I like the fact you said that nobody talks about debt – many do but they use the term "credit Score" which refers to the likleyhood of getting a good deal (Thats all I know – the less I think about understanding credit scores the better I feel)

  33. Elliot’s Trading
    July 19, 2021 at 7:09 pm

    Buy shiba and Akita and hold till the moon

  34. Alyssa Bennett
    July 19, 2021 at 7:09 pm

    Luckily, the way my loans have turned out, I can use both the avalanche and snowball method at the same time!

  35. Dragonax
    July 19, 2021 at 7:09 pm

    Step 1: Take money
    Step 2: Give it to bank

  36. Boiifudont Getchyo
    July 19, 2021 at 7:09 pm

    Why would you do the snowball method if the avalanche is the cheaper option?

  37. Sam Omiotek
    July 19, 2021 at 7:09 pm

    "Better to adapt yourself and your attitudes to the numbers than to adapt the strategies to your psychological comfort levels."

  38. Jason Laboy
    July 19, 2021 at 7:09 pm

    I'm too much of a math person to ever use the snowball method, but I don't have crazy debt to worry about so it's not a problem for me in the first place lol

  39. MrGallbladder
    July 19, 2021 at 7:09 pm

    Someone's been watching Dave Ramsey 🙂

  40. choreomaniac
    July 19, 2021 at 7:09 pm

    One other method that I have come across is to pay off in order of fewest remaining payments. I think the idea is that this frees up money the fastest but I think snowball makes more sense. If you pay off in 2 years or less, interest rates under 20 % apr shouldn’t matter much.

  41. Niharika Sadul
    July 19, 2021 at 7:09 pm

    You guys are awesome. Content, editing, speech, delivery, everything. Spot on. In love 💕

  42. TheWhiteMamba3000
    July 19, 2021 at 7:09 pm

    As of April 2021, try to pay as much of your student loan debt while interest is at zero percent (government student loan in U.S.) by August 2021.

  43. Joye Briggs
    July 19, 2021 at 7:09 pm

    This strategy worked for me: you first need to create the gap between what you earn and what you owe. Attack any small balances to get rid of that specific debt, and roll over that payment towards the next debt. But here is where I handle it differently: Your enemy is really the interest and fees you pay per month, so your goal is to reduce the interest you pay per month. So you want to attack the debt which accumulates the highest interest payment per month (not the highest interest rate, but how much you pay in interest per month). Pay that off, then roll over the payments onto the next highest interest charge per month (pay minimum on the rest). Give yourself a small reward as a goal: If I pay XX towards the principal balance and get it below XX level, I will give myself a small treat (no more than $50 or $100). That will give you motivation, yet allow you to maximize what goes towards the principal balances on all the bills.